China’s Export Falls 14.5% on Weak Global Demand
Struggling to deliver growth in 2023, China’s foreign trade has taken another tumble, with July exports falling by 14.5% year-on-year, the customs authority in Beijing announced on Tuesday.
The slump follows a series of sharp declines in previous months. Imports for the same period fell by 12.4%. Both figures were even worse than analysts had expected.
The outlook for the Chinese economy is becoming increasingly gloomy, as a strong start to the year loses momentum. The world’s second-largest economy is suffering from weak global demand, a struggling real estate market, and persistently weak domestic consumption.
Elsewhere, the central parity rate of the Chinese currency renminbi, or the yuan, strengthened 38 pips to 7.1380 against the dollar on Monday, according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #China’s Export Falls 14.5% on Weak Global Demand Naira Devaluation Deepens Economic Crisis in Nigeria
